NFT Alley AMA Summary Recap with Shin Chan Community
We held a live AMA with Abhijith Dattatreya, Co- Founder of NFT Alley on 28th April 10:00 PM (UTC+8). Here’s the recap for those who missed it.
Introduction
Jack| Shin Chan: Before AMA start, please introduce yourself and why did you start NFT Alley?
Abhijith Dattatreya : Hello, I am Abhijith. Co-Founder at NFT Alley. I handle the product and operations aspects.
A quick intro: I have helped formulate product/business strategies for Fortune 500 companies over the past few years. I have also been an active NFT user/enthusiast since the early crypto kitties days.
The story of how we came about NFT Alley is quite interesting.. “It started out with crypto kitties and we started playing some NFT games! It was all fun when eth was trading at 200 dollars and gas costs were minimal. :P As we all know, currently, it is quite expensive to mint an NFT or to do any NFT transactions on ETH due to the insane amount of gas fees. NFT Alley aims to help artists/collectors mint/transact an NFT for a fraction of the costs incurred at present on ETH. For our V1, We will be a dedicated marketplace on BSC with custom minting options.”
Jack| Shin Chan: Do you have any news/update about NFT Alley would like to share with us?
Abhijith Dattatreya : Two super cool updates:
1. Our IDO whitelist event is live. https://twitter.com/nft_alley/status/1386681524561408001?s=20
2. Our Staking program will be live next week post IDO.
AMA Twitter Section Begin:
Q1 :Could you please tell me just a little more about the team and some of their backgrounds? I have personally seen many projects launch with inexperienced team members, and some of those didn’t go so well due to easily avoidable mistakes.
Abhijith Dattatreya : We are a team of 12 people now! 2 co-founders, 1 product development head, 2 full stack/solidity devs, 2 front end devs, 1 UX, 1 technical advisor and 3 social media interns. Detailed information on their backgrounds can be found on our website (nftalley.io)
Q2 : Now that the whitelist for your IDO is open, and the IDO itselft will take place in Kickpad later on. What should we expect next from NFT Alley? Once the IDO is over, what will the future have for your platform and users?
Abhijith Dattatreya : Once the IDO is complete, we will start our staking rewards program and open up our testnet for user feedback. Post that we will audit our contracts and go for mainnet launch.
Q3 :What is the utility of your native token $ALLEY ? Also, what special features do you have or plan to implement that keeps you ahead of your competitors?
Abhijith Dattatreya : 1. $ALLEY holders can actively participate in the governance functionality of the protocol.
2. We will employ it in distributing early adopter rewards.
3. It will also be instrumental in the payment of transaction fees and adopted for platform fee discounts.
We offer couple of advantages compared to our competitors:
V1:
1. Super low fees to create/transact NFTs as we are on BSC
2. We will also be one of the first dedicated marketplace on BSC with custom minting options.
V2:
3. Also, right now an NFT is only unique on the blockchain it was minted on. What we would do after we scale to multiple chains is create a multi chain NFT registry which will enable collectors/users to verify the authenticity across chains.
4. In our subsequent versions we’ll be scaling to multiple chains and bringing in features like loans, fractionalization/price discovery etc.
Q4 :NFT Alley plans to launched their own marketplace soon, but as we know right now there are a lot of marketplace too. So, what will the advantages of your marketplace be that will make users wait for it instead of using the currently existing ones?
Abhijith Dattatreya : To summarize our USPs will be:
1. One of the first dedicated marketplace on BSC with custom mints
2. Bringing loans/price discovery to NFTs
3. We are having security as our top most priority as we deal with art/authenticity on a day to day basis. Also, on the security side we have an in house security researcher who does the role white hacker to make sure our product is completely secure. On the cloud side, where our resources will be deployed we have already received an A+ security rating.
4. Scaling to Multiple chains and creating the multi chain NFT registry. We will bring a registry that any other platform in the ecosystem will be able to reference and write into to solve the single biggest problem of proving the uniqueness of NFT assets across chains (biggest innovation so far). A lot of multi-chain activity will happen in 2021. We want to make sure we have a framework that everyone can leverage to prove that an asset is unique across ecosystems that isn’t possible today.
Q5 :Could you tell us about the type of governance with NFT that you are looking to implement in NFT Alley? Will it be based on a specific amount that users will need to be part of the community? or simply by using a specific NFT of great value?
Abhijith Dattatreya : We will be using $Alley token to make governance decisions. $Alley holders will be able to vote on
1. Platform fees
2. Addition of New features
3. Take decisions on delisting of counterfeit NFTs.
Telegram Live AMA Begin:
Q6 : One problem that NFTs and their artists are having right now is that they are suffering the same struggle “normal” art suffers, which is plagiarism. Can you tell us then how does NFT Alley plans to combat this issue? What copyright methods will you have to protect artists?
Abhijith Dattatreya : Yes, this is a valid concern across multiple NFT marketplaces right now. What we offer right now to combat this issue:
1. Verified Artists Feature
2. Report functionality which help us to delist counterfeit NFTs from the platform.
What we will offer in the future?
1. AI based probabilistic models which can detect similar NFTs
2. As mentioned previously, right now an NFT is only unique on the blockchain it was minted on. What we would do after we scale to multiple chains is create a multi chain NFT registry which will enable collectors/users to verify the authenticity across chains.
Q7 : Where is $Alley road map now? Are all targets in accordance with the current road map? and what are the next steps that will be taken in the future?
Abhijith Dattatreya : Yes we are very much in line with our RoadMap. IDO is scheduled to happen this week, Staking features and Testnet should be live next week. The detailed roadmap can be found on our website (nftalley.io)
Q8 :What do you think is the biggest problem NFT Alley will solve which is not solved by other projects and why is the problem important to solve?
Abhijith Dattatreya : As mentioned previously, right now an NFT is only unique on the blockchain it was minted on. What we would do after we scale to multiple chains is create a multi chain NFT registry which will enable collectors/users to verify the authenticity across chains.
Q9 :Could you tell us about the Effective Use of NFT Price Discovery Models that you are looking to implement in Q3? really what characteristics and patterns will be based to define the prices of NFT?
Abhijith Dattatreya : We do it by locking NFT and fractionalising the worth into fungible assets. As these fungible assets traded openly in market would directly derive the worth of NFT and expose better liquidity.
Q10 : Where it will be listing soon, dex or cex? And how will you get users from all over the world and what are the features of this project to invest in longterm, please explain
Abhijith Dattatreya : We will be listing on PancakeSwap on 30th April 2021.
Q11 :What have you done regarding the audit of your smart contracts and Security mechanisms in order to protect all stakeholders of the ecosystem and to fully secure your project?
Abhijith Dattatreya : Our token contracts are audited, Our mainnet contracts will be audited post testnet user feedback. Also, in terms of platform, NFT Alley requires additional security as we have a lot of tech/art apart from smart contract, we have already received an A+ security rating on these side of things as well
Q12 :Liquidity and transaction fees are always important factors. How does NFT Alley solves the above problem to attract users?
Abhijith Dattatreya : The team will be providing the initial liquidity on PancakeSwap, post which we will launch LP rewards program which we believe would incentivize users to provide liquidity. Also, on transaction fees side it shouldn’t be an issue as we are launching on BSC.
Q13 :For there to be sustainable supply, there must be demand, how do you plan to attract users, incentivize them in the early stages of deployment?
Abhijith Dattatreya : In terms of getting customers (i.e artists/collectors) our social media interns are actively reaching out to them to explain in detail about what we do and we have had a good responses over there. Also, we are planning to provide early adopter rewards to incentivize new entrants. So if you are a collector or an artist feel free to reach out to us on telegram or twitter! The official channels are there in the pinned message on our telegram: NFT Alley
Q14 : NFT is currently one of the most talked about hot topics in the crypto world. What are your views on the future of the NFT? and state your reasons, why NFT Alley can be successful in the future?
Abhijith Dattatreya : NFTs are just getting started. You see a lot of NFTs in the digital art space currently. This is because it was the fastest adoption use case we had in the space. NFTs have a long future ahead with other asset classes coming into the space such as music, luxury goods and rare collectibles. The concept of NFTs will extend into the real world as well, with limited edition whiskies, wines or watches being represented on the blockchain as a token. The ownership of the token guarantees the ownership of the underlying. What we see today is the foundations of NFTs being built.
Q15 :PIease share your fundraising situation and how your pubIic and private offering token is distributed. And can you teII what the pIan for the next IEO of NFT Alley? What do we need to prepare if we want to participate?
Abhijith Dattatreya : We have written a detailed article about our token release schedule on medium:
https://link.medium.com/LVrdmqWmReb
Our fund raising announcement should be out soon! Follow us on medium (nftalley.medium.com) to get the latest update.
On the ido front, our ido is scheduled to happen on April 30th on Kickpad. Please check our pinned message on our telegram(@nftalley) to learn more.
Q16 :What is the transaction fees and buy and sell fees on your platform about NFT’s?
Abhijith Dattatreya : You can mint and transact a NFT for less than 10 dollars! 😄👍
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